MKM Partners Reiterates “Buy” Rating for Micron Technology (MU)

MKM Partners reissued their buy rating on shares of Micron Technology (NASDAQ:MU) in a report released on Monday morning.

Other equities analysts also recently issued research reports about the stock. Goldman Sachs Group upgraded shares of Micron Technology from a neutral rating to a buy rating and increased their price target for the stock from $33.00 to $40.00 in a report on Tuesday, September 12th. Susquehanna Bancshares increased their price target on shares of Micron Technology from $40.00 to $50.00 and gave the stock a positive rating in a report on Tuesday, September 19th. UBS reiterated a buy rating and issued a $53.00 price target (up previously from $39.50) on shares of Micron Technology in a report on Thursday, October 19th. They noted that the move was a valuation call. Deutsche Bank reiterated a buy rating and issued a $37.00 price target on shares of Micron Technology in a report on Wednesday, September 6th. Finally, Macquarie reiterated an outperform rating and issued a $38.00 price target on shares of Micron Technology in a report on Tuesday, September 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average price target of $48.20.

Micron Technology (MU) traded up $1.62 on Monday, hitting $43.20. 43,188,900 shares of the stock traded hands, compared to its average volume of 29,903,857. Micron Technology has a 12-month low of $19.49 and a 12-month high of $49.89. The company has a current ratio of 2.34, a quick ratio of 1.75 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $47,952.34, a P/E ratio of 9.36, a P/E/G ratio of 0.56 and a beta of 1.75.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.84 by $0.18. Micron Technology had a net margin of 25.04% and a return on equity of 32.09%. The firm had revenue of $6.14 billion for the quarter, compared to the consensus estimate of $5.97 billion. During the same quarter in the prior year, the company posted ($0.01) earnings per share. The company’s revenue for the quarter was up 90.8% compared to the same quarter last year. research analysts expect that Micron Technology will post 7.42 EPS for the current fiscal year.

In other Micron Technology news, Director Robert L. Bailey sold 3,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $39.86, for a total value of $119,580.00. Following the completion of the sale, the director now directly owns 114,284 shares of the company’s stock, valued at approximately $4,555,360.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Steven L. Thorsen, Jr. sold 118,944 shares of the firm’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $38.10, for a total value of $4,531,766.40. Following the completion of the sale, the senior vice president now directly owns 289,940 shares of the company’s stock, valued at $11,046,714. The disclosure for this sale can be found here. Insiders sold a total of 308,088 shares of company stock worth $11,852,538 in the last 90 days. 0.69% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of MU. Capital Research Global Investors increased its position in shares of Micron Technology by 386.6% during the 2nd quarter. Capital Research Global Investors now owns 39,794,346 shares of the semiconductor manufacturer’s stock worth $1,188,259,000 after purchasing an additional 31,616,346 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Micron Technology by 292.8% during the 2nd quarter. Janus Henderson Group PLC now owns 11,850,988 shares of the semiconductor manufacturer’s stock worth $353,885,000 after purchasing an additional 8,834,274 shares during the last quarter. BT Investment Management Ltd acquired a new stake in shares of Micron Technology during the 2nd quarter worth about $95,449,000. Greenlight Capital Inc. increased its position in shares of Micron Technology by 89.5% during the 3rd quarter. Greenlight Capital Inc. now owns 5,021,900 shares of the semiconductor manufacturer’s stock worth $197,511,000 after purchasing an additional 2,371,900 shares during the last quarter. Finally, Pioneer Investment Management Inc. increased its position in shares of Micron Technology by 298.4% during the 2nd quarter. Pioneer Investment Management Inc. now owns 2,590,309 shares of the semiconductor manufacturer’s stock worth $77,347,000 after purchasing an additional 1,940,212 shares during the last quarter. 81.16% of the stock is owned by institutional investors and hedge funds.

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